Search form

Search

New Kaupthing to Prevent Exista Takeover Plans

News

New Kaupthing to Prevent Exista Takeover Plans

December 09, 2008 11:14Updated: January 30, 2014 20:16

The board of New Kaupthing Bank has issued a statement saying that they intend to prevent brothers Lýdur and Ágúst Gudmundsson, commonly referred to as the Bakki brothers, from taking over Exista with every means possible.

“Kaupthing has great interests in loans to Exista and related companies and a process has begun in which Kaupthing plans to take over the board of Exista and thus secure Kaupthing’s interests,” said Finnur Sveinbjörnsson, director of New Kaupthing.

“If the brothers’ plans will work out, their company will have the upper hand in Exista,” Sveinbjörnsson added.

Morgunbladid was unable to reach Lýdur and Ágúst Gudmundsson in relation to this story, who were the largest shareholders in old Kaupthing Bank.